Who can have relevant life insurance?

I am a company director and I’m looking for some life insurance and came across relevant life cover and wanted to know more…

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Please Correct Date of Birth

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Maximum cease age

Most of our insurers have a maximum policy cease age between 65 and 70 years old. We have had to adjust the age you requested the policy to end to age 70 to ensure we are able to provide you with quotations.

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Increasing your length of cover

Most of our insurers have a minimum policy term of 5 years, given your current age we have had to adjust the age you requested the policy to end as it would not have produced any quotations.

We have increased the policy cease age to ensure our insurers can quote, the cease age of your policy is now set to your current age plus 5 years.

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Answered by Andrew Jenkinson

Thanks for your question regarding relevant life insurance.

What is relevant life insurance?

Any employee of a business can have a relevant life policy which is arranged by their employer. The business can be a limited company, a partnership, a charity or a sole trader.

The employee can be a company director, so the good news is that your company can purchase relevant life insurance for you.

Salaried partners taxed as schedule E can be covered but equity partners and sole traders taxed under schedule D cannot.

Relevant life policies can only be single life policies, so you can’t include a spouse.

Tax Efficient Life Insurance

Relevant life policies really are a really tax efficient way to arrange life cover as opposed to paying for premiums out of your net income. They are tax deductible as a business expense thereby saving corporation tax of at least 21%. They are not a benefit in kind so not subject to income tax or national employment contributions from the employer or employee.

If you would like any more information about relevant life insurance please see our relevant life guide or contact one of our team of advisers on 0208 432 7333.

relevant life insurance

employee benefits

company director

This information does not constitute financial or other professional advice. You should consult your professional adviser or contact us directly on 02084327333 should you require financial advice. It is important to ensure any insurance policy you take out is suitable for your needs.

Drewberry Ltd
(Financial Conduct Authority No. 505473)
is an Appointed Representative of Intrinsic Wealth Limited and Intrinsic Mortgage
Planning Limited, which are authorised and regulated by the Financial Conduct Authority.

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